TL;DR
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Six engineers calling themselves the “Six Samurai” have proposed rebuilding the Terra LUNA project. The idea was: the fundamentals of the project actually made sense, the problem was that when a bank run happened, there weren’t enough reserves to get it back to the $1 peg.
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On the one hand, we get the idea of taking an existing (albeit failed) project, learning from the things that didn’t work, and improving it. At the same time, this seems more like a last-ditch effort to get a small return on the LUNA Classic tokens that are still being held than a real attempt to revive this project.
Full story
In May last year we wrote about the crash of Terra LUNA… a lot!
For example, this was the day sh*t hit the fan, this was the day we wrote about a very short-lived potential survival plan, and on this day we discussed how some swordsmen bet on a comeback.
Well, those, we be able to just got something for you.
(Or maybe not…)
If you’re not familiar with the Terra LUNA crash, the stories above will give you a good overview – but suffice it to say that many are calling it “the beginning of the current bear market” and one of the greatest crypto crashes of all time.
But today we are here to tell you about a proposal Unpleasant revive the Terra Classic ecosystem.
Six engineers calling themselves the “Six Samurai” have proposed rebuilding the project.
The idea was: the fundamentals of the project actually made sense, the problem was that when a bank run happened, there weren’t enough reserves to get it back to the $1 peg.
(Oh, and the founder – Do Kwon – just seemed arrogant AF).
Here’s our assessment of it all:
While LUNA’s fundamentals may make sense, its reputation goes further.
If people want to use algorithmic stablecoins today, they can. Projects like DAI will continue to exist.
On the one hand, we get the idea of taking an existing (albeit failed) project, learning from the things that didn’t work, and improving it.
At the same time, this seems more like a last-ditch effort to get a small return on the LUNA Classic tokens that are still being held than a real attempt to revive this project.
We could be wrong – in fact we hope we are wrong – but only time will tell.
